Gold and Silver Still Soaring as Markets Look for a Ceiling

Gold and silver have both smashed through fresh all-time highs this week, showing little sign of slowing. Gold is almost hitting $AU6000 per ounce! Traders continue to chase the metals as a safe haven against lingering economic uncertainty, with inflation, tariffs, and shifting interest rate policy all feeding the surge. The rally has left many asking whether we’re approaching the ceiling — or if this precious metals bull run still has legs. 

Meanwhile in the US, trade deficit data has come in slightly stronger than expected, raising hopes of a more balanced economy. But economists warn it’s too early to celebrate. Much of the improvement appears to stem from weakened imports under Trump’s aggressive tariff policy, rather than any real strengthening in exports. While that may help the short-term numbers, the broader effect of global trade disruption continues to weigh heavily on businesses abroad.

US consumer credit has also eased, dropping from $16 billion to $14 billion last month. That small tightening could be a sign that households are finally starting to recognise the risks of over-leverage. After months of elevated borrowing just to maintain spending, consumers appear to be pausing — a move that could either help stabilise inflation, or mark the start of a broader slowdown.

Back home, the RBA has all but ruled out any further rate reductions for the rest of this year. Officials suggested that the earliest possibility for a cut could be February 2026, signalling confidence that the Australian economy is holding its own — but also confirming that borrowers shouldn’t expect cheaper finance anytime soon.